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[h=5]Market Segmentation[/h] [h=5]Market Segmentation[/h]§ Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference. § A market segment is a small unit within a large market comprising of likeminded individuals. § One market segment is totally distinct from the other segment. § A market segment comprises of individuals who think on the same lines and have similar interests. § The individuals from the same segment respond in a similar way to the fluctuations in the market. [h=5]Types of Market Segmentation[/h]§ Psychographic segmentation The basis of such segmentation is the lifestyle of the individuals. The individual’s attitude, interest, value help the marketers to classify them into small groups. § Behavior elastic Segmentation The loyalties of the customers towards a particular brand help the marketers to classify them into smaller groups, each group comprising of individuals loyal towards a particular brand. § Geographic Segmentation Geographic segmentation refers to the classification of market into various geographical areas. A mar comketer can’t have similar strategies for individuals living at different places. Nestle promotes Nescafe all through the year in cold states of the country as compared to places which have well defined summer and winter season. McDonald’s in India does not sell beef products as it is strictly against the religious beliefs of the countrymen, whereas McDonald’s in US freely sells and promotes beef products. Other topic: Selling – defining marketing-SWOT analysis-competitive positioning-product lifecycle-Diffusion of innovation-Gap analysis-marketing mix-forecasting budgeting-Implementing evaluating-marketing research-customer research-buying decision process –defining the product-mission statements-marketing planning-developing the right marketing mix-project planning-committing resources-project stakeholders-stages of a project-setting objective-feasibility& cost benefits-project close down- managing project meeting-negotiating basic in projects –risk management. Posted by: Campus Training and Consulting